JPMorgan’s profit plunges as credit costs spike on economic uncertainty

JPMorgan’s profit plunges as credit costs spike on economic uncertainty

JPMorgan Chase, the nation’s largest bank, reported a 51% plunge in second-quarter profits as provisions for credit losses spiked and the shape of the recovery became increasingly uncertain. Although JPMorgan’s Main Street business has stumbled during this recession, the bank’s trading division is thriving as markets have sharply recovered from the crisis. JPMorgan reported second-quarter…

China will sanction Lockheed Martin over arms sales to Taiwan

China will sanction Lockheed Martin over arms sales to Taiwan

China said on Tuesday it would place sanctions on Lockheed Martin for its involvement in arms sales to Taiwan, a move that could further escalate tensions between Beijing and Washington. “China firmly opposes US arms sales to Taiwan,” Foreign Ministry spokesman Zhao Lijian said at a press conference. Taiwan is a self-ruled island, but China…

Korean Air matriarch receives suspended jail sentence for abusing domestic staff

Korean Air matriarch receives suspended jail sentence for abusing domestic staff

The matriarch of the Korean Air dynasty has been given a suspended jail sentence for assaulting her domestic staff, including physically hurting her chauffeur and throwing metal shears at her gardener. Lee Myung-hee, the widow of the late Korean Air chairman Cho Yang-ho, was sentenced to 80 hours of community service and two years jail…

Verizon’s alternative to layoffs: Retraining 20,000 workers

Verizon’s alternative to layoffs: Retraining 20,000 workers

Verizon hasn’t laid off any of its 135,000 employees during the pandemic. Instead, the company has retrained around 20,000 workers for new careers. It’s part of Verizon’s responsible business plan announced Tuesday. Dubbed Citizen Verizon, the plan includes a pledge to prepare 500,000 mostly lower-wage people for jobs of the future by 2030 through skills…

California’s new lockdown could be brutal for the economy

California’s new lockdown could be brutal for the economy

The state of California is shutting down again — a huge blow to the fragile recovery logged in recent months. The latest: As Covid-19 cases surge, Gov. Gavin Newsom ordered the closure of all indoor restaurants, wineries, movie theaters, zoos, museums and bars. Los Angeles and San Diego said their kids would start the new…

Consumer prices rebounded in June, but that’s not the whole story

Consumer prices rebounded in June, but that’s not the whole story

Consumer prices rose in June after three straight months of declines, as the cost of gas and food increased. The consumer price index, which measures what Americans pay for everything from clothing to appliances, rose 0.6% last month on a seasonally adjusted basis, the Bureau of Labor Statistics said Tuesday. In May, prices declined 0.1%.…

Zappos is now selling single shoes and mixed size pairs

Zappos is now selling single shoes and mixed size pairs

You can now buy a single sandal or sneaker from Zappos, or even mixed size pairs of running shoes. It’s part of a push by the online retailer to cater to shoppers who naturally have different sized feet, as well as those with prosthetics, which can create a need for mixed sized shoes. Initially, Zappos,…

Burger King’s latest sustainability effort: reduce cow farts

Burger King’s latest sustainability effort: reduce cow farts

Burger King is improving its cows’ low-carb diet by adding 100 grams of lemongrass to reduce methane emissions (aka cow farts). The new diet plan will curtail methane emissions from cows by 33% per day, according to Burger King. Those emissions are one of the key contributors to climate change because the gas traps the…